The 1964 nickel, specifically the Jefferson nickel, holds a special place in American numismatics. Although it might seem like just another coin in circulation, the year 1964 marked an important period in U.S. minting history. This article will explore not only the design and production of the 1964 nickel but also the economic and historical significance of the coin during a transformative time in American society.
A Brief Overview of the Jefferson Nickel
Before diving into the specifics of the 1964 nickel, it’s important to understand the background of the Jefferson nickel itself. First minted in 1938, the Jefferson nickel replaced the Buffalo nickel, a design that had become iconic but was difficult to strike properly. The new design, featuring a profile of Thomas Jefferson, was created by German-American sculptor Felix Schlag. The reverse side of the coin depicts Jefferson’s home, Monticello.
The Jefferson nickel became the standard five-cent coin in the United States, and its design remained largely unchanged for decades, save for minor modifications to Jefferson’s portrait and the addition of mint marks. By 1964, it had become a ubiquitous part of daily commerce in the U.S.
Historical Context: The Significance of 1964
The year 1964 was a pivotal time for many reasons, both in numismatics and in the broader context of American history. The U.S. was in the middle of the Civil Rights Movement, and the nation was still grappling with the recent assassination of President John F. Kennedy in 1963. In addition, the Vietnam War was escalating, further placing stress on American society.
In the world of coinage, 1964 was also the year when the U.S. Mint began experiencing a significant coin shortage. This shortage was largely due to increased demand for coins driven by economic expansion and the growing use of vending machines. To meet the demand, the U.S. Mint ramped up coin production, with a special focus on nickels, dimes, and quarters.
The Coinage Act of 1965: A Response to the Shortage
Although the Coinage Act of 1965 officially addressed the shortage of coins, including the elimination of silver in dimes and quarters, its effects were already being felt in 1964. In that year, the Mint produced massive quantities of coins, including the Jefferson nickel. Nearly 2.9 billion nickels were struck in 1964, making it one of the highest mintages for any coin at the time.
Interestingly, 1964 is also notable for being the last year that quarters and dimes were made of 90% silver. The rising price of silver led to hoarding, which exacerbated the coin shortage, but the nickel, made of a combination of 75% copper and 25% nickel, was unaffected by the metal’s scarcity.
Design and Composition of the 1964 Nickel
The 1964 nickel, like the Jefferson nickels before and after it, has a diameter of 21.2 mm and weighs 5 grams. Its composition—75% copper and 25% nickel—was selected to be durable and resistant to wear, making it well-suited for circulation. The coin’s obverse (front) side features a profile of Thomas Jefferson facing left, with the words “IN GOD WE TRUST” inscribed along the left edge and “LIBERTY” and the year of mintage along the right edge.
The reverse side of the 1964 nickel showcases a depiction of Monticello, Jefferson’s historic Virginia estate. The words “E PLURIBUS UNUM” (Latin for “Out of many, one”) appear above Monticello, and “UNITED STATES OF AMERICA” and “FIVE CENTS” are inscribed at the bottom of the coin. The simplicity and symmetry of the design made it easy to mint in large quantities, which was crucial given the economic conditions of the time.
Mint Marks and Varieties
The 1964 Jefferson nickel was minted in three locations: Philadelphia (no mint mark), Denver (D mint mark), and San Francisco (S mint mark). However, San Francisco only produced proof coins in 1964, so the majority of circulating nickels from that year bear either no mint mark or the “D” from the Denver Mint.
An interesting aspect of the 1964 nickel is the existence of several varieties, some of which are highly sought after by collectors. One of the most famous varieties is the 1964-D over D repunched mint mark (RPM) nickel. This variety occurs when the mint mark is punched more than once onto the die, resulting in a visible doubling or distortion of the “D” mint mark on the coin.
Another notable variety is the 1964 proof nickel struck at the San Francisco Mint. Proof coins are specially struck for collectors using polished dies and blanks, resulting in coins with a mirror-like finish. Although these proof nickels were not intended for circulation, they are prized by collectors for their beauty and limited mintage.
Economic and Collectible Value of the 1964 Nickel
Despite its historical significance, the 1964 nickel is not particularly rare, primarily due to the high mintage numbers that year. Billions of these coins were produced, and many are still in circulation today. As a result, most 1964 nickels are only worth their face value of five cents, especially if they are in average condition.
However, certain factors can increase the value of a 1964 nickel. For example, coins in pristine, uncirculated condition or those with error varieties, such as the RPM nickels mentioned earlier, can fetch higher prices. A 1964-D RPM nickel in high-grade uncirculated condition might sell for several dollars, while proof nickels from that year can also be valuable, depending on their condition.
Additionally, some collectors seek out 1964 nickels as part of complete Jefferson nickel sets or as a nostalgic link to the mid-20th century, a time of significant social, political, and economic change in the U.S.
The Legacy of the 1964 Nickel
Although it may seem like just another coin, the 1964 nickel holds a unique place in American history. It was minted during a time of profound societal transformation, economic growth, and political tension. The massive production of 1964 nickels reflects the U.S. Mint’s efforts to address the coin shortage and keep the economy running smoothly.
In the broader context of numismatics, the 1964 nickel represents the continuation of the Jefferson nickel series, which has now been in circulation for over 80 years. Despite changes to the design of the coin, including a more modern portrait of Jefferson introduced in 2006, the essence of the 1964 nickel endures as a symbol of both continuity and change in American currency.
Whether you’re a seasoned coin collector or just someone with a passing interest in history, the 1964 nickel offers a fascinating glimpse into a transformative era in the United States. From its design and composition to its role in addressing a national coin shortage, this unassuming five-cent piece tells a story that goes far beyond its modest face value.
